广州酒家：点评报告：营收平稳增长，餐饮保持韧性-20250328

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported a stable revenue growth with a total revenue of 5.124 billion yuan in 2024, representing a year-over-year increase of 4.55%. However, the net profit attributable to shareholders decreased by 10.29% to 494 million yuan [1][2] - The food business showed resilience, particularly in the restaurant segment, which achieved a revenue of 1.455 billion yuan, reflecting a year-over-year growth of 15.24%. The mooncake and frozen food segments experienced slight declines in revenue [2] - The company is implementing cost reduction and efficiency improvement measures, resulting in a decrease in overall expense ratios, although the gross margin fell to 31.72%, down 3.90 percentage points from the previous year [2] Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 5.124 billion yuan, with a year-over-year growth of 4.55%. The net profit attributable to shareholders was 494 million yuan, down 10.29% [1][3] - The restaurant business's revenue increased by 15.24% to 1.455 billion yuan, while mooncake revenue decreased by 1.95% to 1.636 billion yuan [2] Cost Management - The company's gross margin decreased to 31.72%, a decline of 3.90 percentage points year-over-year. The sales expense ratio and management expense ratio were 9.81% and 10.22%, respectively, showing a decrease from the previous year [2] Future Outlook - The company is expected to maintain growth in the "restaurant + food" dual business model, with projected revenues of 5.746 billion yuan in 2025, representing a growth rate of 12.14% [3][8] - The company has announced a stock repurchase plan and an equity incentive plan aimed at enhancing management and employee motivation, with revenue growth targets set for the coming years [2][3]